Lithuania stays approachable with remote fintech licence
The Bank of Lithuania – the country’s regulator – has introduced a procedure which will allow companies to apply remotely for fintech licences.
Lithuania calls out again
The aim of this regtech tool is to help the process of submitting and managing applications for e-money and payment institution licences – and make the country “become even more approachable for fintech innovators across the world”.
As of this month, firms looking to access the EU market will be able to apply directly online for a variety of financial licences valid across the SEPA area.
According to Invest Lithuania, it means companies will get the “convenience of being able to set up their business from wherever they are”.
In our speed-obsessed world, Invest Lithuania adds that with all necessary documents submitted, it takes three months to obtain such licences, “while in other EU countries the process may take more than 12 months”.
Lithuania’s fintech ecosystem now has over 120 firms.
Come to me
Lithuania is constantly trying to grab a share of the action with its open-minded attitude.
Back in April, it became the first ever country to offer entities from around the world the opportunity to register and manage companies using blockchain.
Called virtual limited liability companies (VLLCs), the idea is to offer a sandbox regulatory system that helps newcomers to set up operations.
In January, the Bank of Lithuania unveiled a regulatory and technological sandbox platform, called LBChain, for blockchain testing.
